Basis Fund Limited - Public Statement No. 15 of 2012 (2012-08-02)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) announcing that BASIS Fund Limited is no longer recognised or regulated by the FSC. It is an investor-protection notice rather than a rule imposing ongoing compliance duties on the industry generally.

• Background: BASIS Fund Limited was formerly recognised by the FSC as a professional mutual fund on 7 July, 2008.
• Cancellation: On 13 July, 2012 the FSC cancelled the Fund's certificate of recognition under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Grounds: The Fund contravened Regulation 2A of the Financial Services Commission (Securities and Investment Business Fees) (Amendment) Regulations, 2010 by failing to pay its annual recognition fee for 2011 and 2012.
• Current status: The Fund is no longer recognised or regulated by the FSC, and the FSC will provide updates on any further developments.

The statement is issued under Section 37A(1) of the Financial Services Commission Act, 2001 to alert investors, creditors and the general public, and imposes no continuing obligations on other regulated persons.

Applies to

mutual funds, professional mutual funds, investors and creditors of BASIS Fund Limited